Australian shares are poised to slip after Wall Street turned lower and Treasury yields regained ground as the prospect of higher oil prices and continued Federal Reserve rate hikes weighed on investors.OPEC’s move drew criticism from the US which has been battling energy-driven inflationto the largest supply cut since 2020 and Russia warned it may reduce its own output even further. Brent crude was last up 1.7 per cent at $93.37 a barrel.
Stocks surged earlier in the week on some signs that the US economy was slowing, in turn hinting central banks could begin preparing to back away from persistent interest rate increases.with a sizeable rate hike “The stock and bond rally of the last few days was driven by weaker economic and labor market data. Today, stocks and bonds are both selling off after a more hawkish policy decision from New Zealand and stronger economic data from the US,” said Jacob Manoukian, US head of investment strategy at JPMorgan Private Bank.
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